APPO supports OPEC+ efforts to stabilize global oil market

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Foumakoye Gado

The African Petroleum Producers’ Organisation, APPO, has expressed its commitment to stabilizing global oil market.

Foumakoye Gado, president, council of ministers of APPO state ministry of petroleum of Niger, said its members are committed to cutting daily oil production in line with the limit set by the OPEC and non-OPEC deal.

Gado, in a statement in Saturday April 11, said APPO has followed with keen interest the meeting of the OPEC+ or declaration of cooperation partners which held on Thursday, April 9 and meeting of the G20 energy minister. He said the group is in support of halting and reversing the unprecedented volatility that came to characterize the global oil market since the beginning of March 2020.

“We commend participants at the two meetings for the commitment they demonstrated to finding a solution to a problem that would have had serious repercussions to the global economy both now and in the medium and long terms.

“The decision of OPEC+ to cut crude oil production by 10 million barrels per day with effect from May 1 2020 till June 30 2020 and therefore eight million barrels per day to the end of the year 2020 and six million barrels per day till end of April 2022 is a significant step in halting the speed at which the global oil industry was heading for total collapse.

“We also commend the G20 energy ministers for keying into the laudable initiative of the OPEC+ by committing to take all necessary and immediate measures to ensure energy market stability. Although not expressly stated, we believe that the necessary measures include a cut in crude oil production.

“In the spirit of cooperation and burden-sharing, and recalling our communique of April 9 expressing our support to OPEC and non-OPEC member countries as well as other oil producers in their concerted efforts at bringing back stability to the global oil market, APPO member countries who are not in the OPEC+ have also committed to contributing to the global efforts at stabilizing the oil market, by effecting cuts on their daily productions. Details of the cuts will be communicated to the OPEC secretariat as soon as possible,” the statement said.

– Apr. 12, 2020 @ 12:05 GMT |

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